Changes ahead for student loan interest deduction?

Are changes ahead for the student loan interest tax deduction? It’s possible. Republicans in Congress are currently considering ending this deduction as a way to help offset the cost of extending many provisions in the Tax Cuts and Jobs Act. Ending the deduction could result in savings of $30 billion over 10 years, according to […]

IRS letter?

Receiving a letter from the IRS requesting a meeting to discuss a tax issue can be a taxpayer’s biggest nightmare. The good news is you can authorize a third-party representative to communicate with the IRS on your behalf. Before this can happen, you must grant the representative formal permission. There are several ways to do […]

Tariffs on autos and parts announced

On March 26, President Trump announced 25% tariffs on imported automobiles, light trucks and key parts (such as engines and electrical components), and said they’ll be permanent. Trump expects the move to raise $100 billion in annual revenue and spur domestic auto manufacturing. U.S. auto manufacturers will be affected because they source parts from other […]

Missing your W-2?

You should have received a Form W-2 from your employer by Jan. 31, 2025. This form is used to file your federal income tax return. What if you didn’t receive it or you’ve requested a replacement and haven’t received that either? The IRS allows you to estimate your wages and any taxes your employer may […]

DOGE faces court challenges

The Department of Government Efficiency (DOGE) has faced several court challenges to block its employees from gaining access to personally identifiable information (PII) held by various agencies, including the Treasury Dept. In one case, a U.S. District Court judge barred DOGE from accessing Treasury’s payment processing systems, which contain many taxpayers’ Social Security numbers and […]

Extension?

The April 15 tax filing deadline is around the corner. Need extra time? Not a problem. Filing for a six-month extension (until Oct. 15) is an easy option. Bear in mind that filing for an extension will avoid late filing penalties and provide extra time for filing your return, but it doesn’t extend the amount […]

FinCEN issues new rule removing requirement that US companies file BOI

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. companies to report beneficial ownership information (BOI). This comes after the U.S. Dept. of the Treasury’s announcement that it’ll no longer enforce fines and penalties associated with the BOI reporting rule under the Corporate Transparency Act. Under […]

Using an ITIN?

Do you file tax returns using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number (SSN)? If so, be sure it’s up to date before filing. In general, ITINs are used by certain resident and nonresident aliens, their spouses, and dependents who aren’t eligible for SSNs. If your ITIN has expired, the […]

What’s my filing status?

Determining the correct tax filing status isn’t always straightforward. That’s especially true if the parents of a young child live together and aren’t married. Can both parents claim the more favorable head of household (HOH) status? According to the IRS, the answer is no. Only one parent can claim HOH status for a qualifying child. […]

The IRS list of disasters outlines extended filing dates

The IRS website regularly updates a list of regions where disaster victims (both individuals and businesses) are allowed extensions to file federal tax returns and make payments (https://bit.ly/3UU9WO5). You can search by state or date to learn what rules might apply in your situation. For example, in 2025, the IRS granted tax relief to specific […]